BNY adds USDC minting and redemption to institutional custody platform
Summary
BNY has expanded its Digital Asset Custody platform to support Circle’s USDC, becoming the first stablecoin available on the service. Institutional clients can now store, transfer, mint, and redeem USDC through BNY, including converting dollars to USDC and back again. BNY said it plans to add more stablecoins and other digital cash workflows over time. The move deepens BNY’s role with Circle, extending beyond custody of USDC reserve assets to client-facing stablecoin services. It also fits a broader shift among major financial firms into stablecoin infrastructure, including reserve management, custody, and blockchain-based payments. BNY has also been building related digital asset services, including custody plans for Bitcoin and Ether.
